Questions from General Accounting

Q: Datamix, a U.S. corporation with customers in several

Datamix, a U.S. corporation with customers in several foreign countries, had the following selected transactions for 2015 and 2016. 2015 May 26 Sold merchandise for 6.5 million yen to Fuji Company of...

Q: At the start of 2014, Santana Rey is considering adding a

At the start of 2014, Santana Rey is considering adding a partner to her business. She envisions the new partner taking the lead in generating sales of both services and merchandise for Business Solut...

Q: Santana Rey created Business Solutions on October 1, 2015. The

Santana Rey created Business Solutions on October 1, 2015. The company has been successful, and Santana plans to expand her business. She believes that an additional $86,000 is needed and is investiga...

Q: Santana Rey has consulted with her local banker and is considering financing

Santana Rey has consulted with her local banker and is considering financing an expansion of her business by obtaining a long-term bank loan. Selected account balances at March 31, 2016, for Business...

Q: While reviewing the March 31, 2016, balance sheet of Business

While reviewing the March 31, 2016, balance sheet of Business Solutions, Santana Rey notes that the business has built a large cash balance of $68,057. Its most recent bank money market statement show...

Q: Match each description 1 through 6 with the characteristic of preferred stock

Match each description 1 through 6 with the characteristic of preferred stock that it best describes by writing the letter of that characteristic in the blank next to each description. A. Callable B....

Q: Complete the following descriptions by filling in the blanks. 1

Complete the following descriptions by filling in the blanks. 1. Consolidated ______ ______ show the financial position, results of operations, and cash flows of all entities under the parent’s co...

Q: On October 10, the stockholders’ equity of Sherman Systems appears as

On October 10, the stockholders’ equity of Sherman Systems appears as follows: 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,0...

Q: Indicate whether the company in each separate case 1 through 3 has

Indicate whether the company in each separate case 1 through 3 has entered into an operating lease or a capital lease. 1. The lessor retains title to the asset, and the lease term is three years on an...

Q: Kelley Company reports $960,000 of net income for 2015

Kelley Company reports $960,000 of net income for 2015 and declares $120,000 of cash dividends on its preferred stock for 2015. At the end of 2015, the company had 400,000 weighted-average shares of c...